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Retail Banking

Compete or Else: The Transformation Imperative in Retail Banking

Retail banks are intent on transforming the branch office experience. Like businesses across the retail spectrum, they are trying to satisfy and impress customers who have fully embraced mobile technology but still covet face-to-face interactions for milestone moments in their financial lives.

Many banks have done great work with online technology, and it’s time to bring comparable transformation to the retail branch. What would that mean? Frankly, enabling the branch, its associates and their clients with the seamless, frictionless, omnichannel experience that we have all come to expect.

Meanwhile, retail banks also need to maximize return on their investments in real estate. They need to design efficient spaces that maximize customer support and eliminate oversized desks, computers and peripherals.

The Urgency Is Real

Most of the retail bankers I work with are fully committed to transforming their branches, and they are not alone. According to McKinsey & Co., three-fourths of the largest 50 banks in the world are committing to CX transformation.

While the commitment is there, the path forward may not be obvious. It is difficult to adapt legacy banking technology, and even a small software update can cost millions of dollars. Banks need a way to clear the obstacles in their path and start improving customer experience (CX) now.

Creating Personalized Customer Experiences

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So how does a bank differentiate and deliver the value the customer wants? Most have already made tremendous progress with online banking experience, but the retail branch remains a challenge. To create branch experiences that stand out, you have to shed old paradigms. That means getting employees out from behind their desks and windows where they can engage in higher-value interactions.

My colleagues and I pride ourselves on understanding how to enable retail branch transformation through technology. We are deeply engaged in retail banking, and we understand that the key to realizing technology’s value is enabling the bank associate. We’ve developed many of our devices with businesses in mind, enhancing Galaxy phones and tablets with unique software and features that support business innovation, including strategic alliances with companies like Microsoft, Google, VMWare and Citrix. We also provide enterprise-grade mobile device management (MDM) solutions that make our phones, tablets and wearables easy to deploy, manage and keep in service.

The Branch Office Imperative

Retail banks can derive tremendous value from a Samsung partnership. We understand the landscape of your business, the innovative technology available and most importantly, how to pair those things to better associate and customer experiences. You are looking to overcome legacy technology constraints and transform branch experience, and our unique solution set can get you there faster than you would expect.

Samsung DeX, in particular, deserves a place in every retail bank’s roadmap. Built into all recent Galaxy flagship phones and tablets since 2018, DeX enables the mobile device to support a full desktop experience via a monitor, keyboard and mouse. DeX lets you create a fully mobile desktop computing environment that connects branch employees immediately to any applications they need, whether directly on their devices or through virtual desktop infrastructure (VDI) provided by services such as Citrix and VMware. Using VDI as a bridge, you can now jump-start innovation with less of an upfront investment in mobile app development.

Our latest tablet models, such as the Galaxy Tab S6, supplement the power of DeX with the Dual Mode experience. In Dual Mode, the Tab S6 can support a tablet screen interface at the same time it is supporting a separate desktop experience. This means that a branch associate can work with a keyboard and monitor while the customer in front of them is completing a form on the tablet screen — all with one mobile device. The Tab S6 also includes the S Pen, which enables handwriting on the screen and can serve as a Bluetooth remote control with custom programmability.

Get ready to astonish your customers with DeX. It’s designed to provide a market benchmark desktop experience, not a middle-of-the-road imitation. Employees can deliver a fast, mobile experience to the customer from the moment they enter the branch. They can use the Tab S6 as a mobile device to access customer profiles, share product guides, take notes and use business apps. When a task requires more screen real estate and a keyboard, such as opening a new account, they can move to a workstation and convert their tablet instantly into a desktop interface.

All this runs smoothly on the flexible Android OS, which supports in-house software development with open APIs — an enormous benefit to support continuous innovation.

Satisfy Your Sense of Urgency

It’s not just Samsung technology and strategic alliances that support digital transformation. We also bring a deep understanding of CX that you can leverage to plan your new branch experiences. The Samsung Finance team is deeply experienced in technology-based innovation, which means we can help you plan pilot projects that are tightly focused around single use cases. We’ll assist you in developing a roadmap for wider deployment once you have proven a concept.

By partnering with us, you can advance your transformation agenda immediately and get a jump on your competitors. I’m confident that enabling the branch employees with the right technology will forge stronger relationships with customers, enable unified CX across channels and create a banking experience that will add value to branch visits.

Learn how to create meaningful and engaging customer experiences with mobile technology in our free white paper, or tune into our webinar on how to reinvent the bank branch.

Angela Friar

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Angela Friar

Angela Friar helps to lead Samsung’s business development efforts for the retail banking vertical and is currently focused on the strategy for Smart Branch and digital workplace transformation. Angela is passionate about enabling enhanced customer experiences by applying unique technology solutions.

View more posts by Angela Friar